Upgrade Rega P3 or go higher end?

I have a Rega P3 purchased new from Lyric HiFi about 10 years ago, with a Blue Point Special Evo3 cartridge. Works fine and has no mods. But I'd like to improve my vinyl experience. I could easily add $5-6-700 worth of mods to the P3, but is it worth it? I really like the VPI Scout 1.1, in fact Lyric the salesman told me to buy the VPI instead of the Rega. Theres's a couple others at this price point that might be better than a modded Rega as well I think.
So is the Rega worth the upgrades and will it ever approach the sonics of the VPI (or that class of TT), or is it better to trade in the Rega and go for the more costly table to begin with? Thanks.
Years ago I had a blue point special on my Rega planer 3. About 9 years ago I upgraded the cartridge to the Sumiko Blackbird and added a Graham Slee phono preamp. I still use that combination and really enjoy it. I am always tempted by newer turntables and one day I'll upgrade, but to get significantly better sound, not just different (a lateral move, not better), I'll have to spend quite a lot more. During this period I had changed my system from an all Linn system to a Classe / B&W system and the combination of the Rega, Sumiko Blackbird and Graham Slee sounds even better on the new system. In the last year I upgraded the sub platter. It makes a difference, but no where near upgrading to the Blackbird. There is a huge difference between the Blackbird and your cartridge.
By the way, I recently upgraded the interconnects going from the Graham Slee phono preamp to the Classe with Nordost Heimdall and it is a noticeable upgrade, more so than the sub platter upgrade was in my system. The nice thing is that you can upgrade as you can afford to.

System synergy is always important, so it's hard to make a recommendation that works for everyone. This combination worked for 2 of my systems.

Good luck
If you like your P3 upgrade to a Rega P9. There might be some NOS P9's out there at a good discount. If not a mint late model P9 can be found for around $2500. That buys alot of sound quality with a near reference quality tonearm(RB1000).
As a minimum, I would recommend the Rega RP6, it's a significant upgrade from their new RP3.

The Rega RP6 with the Dynavector DV-20X2 MC cart makes for an awesome combo!
Go higher end. Look into Clearaudio as well. It's not too bad at all, but you pay more here than in Europe of course...
Thanks all for your comments.

@Agiacco: thanks for your suggestion on the RP6. But it points back to my original question, that is, can upgrades to the RP3 reach the sonic level of a turntable at this price/quality point? Many of the things that make up the RP6 are also available as upgrades to the RP3, and these would still come in at a cost below a new RP6.
Jaybe, I had a rega P-25 anniversary model with several significant mods. Thought the sound was really top notch till I purchased a RP-6. The RP-6 just took the sound to another level! Dynamics, resolution, bass extention, noise floor etc. took an incredible leap forward for the better. I didn't have to listen long to hear these obvious improvements. Took all of 30 seconds to hear all of this. IMO I would go for the new 'table. I am using a Soundsmith Boheme cartridge by the way.
2nd on the RP6. With a herbie mat and GT ref subplatter. The latter 2 u can do over time.
Ok after hearing you guys and looking at and listening to an RP6 I'm thinking that's the way to go. Thanks everyone for your feedback.